Nirmala Sitharaman and Donald Trump
The US Donald Trump government may also get some relief from the general budget presented on 1 February in India. In this budget, custom duty on some products has been reduced, which will benefit America’s exports. Global Trade Research Initiative (GTRI) said on Sunday that custom duty has been reduced in the budget on products such as motorcycles and taste -enhancing artificial elements. This will benefit American exports.
America told India tariff king
The GTRI said that the country’s budget has deducted significant fees on several products after the Donald Trump administration criticized India’s ‘Tariff King’. Many of these products are going to benefit American exports. GTRI said in a statement, “India seems to be taking steps towards facilitating business with duty cuts on technology, vehicle, industrial raw materials and scraps. While the global trade environment remains stressful. ”
Will America’s attitude change?
However, GTRI has expressed apprehension about whether this cut will be able to change the attitude of the US administration about India’s trade. GTRI founder Ajay Srivastava said, “In FY 2023-24, the US motorcycle exports to India stood at $ 3 million and the fee reduction could help expand the market access to American manufacturers.”
This is a sign of change in policy
Srivastava said that Trump has been criticizing India’s customs structure for a long time, but it indicates a change in the latest cut policy that may promote American exports in many areas. “April-November, 2024- During 25, the US was India’s second largest trading partner with $ 82.52 billion trade. Earlier, America was India’s largest trading partner during 2021-24.
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